Clarity in a noisy market. An independent, Bitcoin-native practice — building the discretionary mandate for the slice of your portfolio that carries the asymmetry.
The Mandate — In Development
Most portfolios don't need another manager. They need the right five percent.
21squared is building a discretionary mandate for the small, high-conviction Bitcoin-native sleeve that drives whole-portfolio asymmetry — designed to lift returns meaningfully while adding only marginal drawdown. Not a bid to run your entire portfolio: the concentrated sleeve where we have genuine edge — Bitcoin market structure, on-chain analytics, digital credit, and macro liquidity.
Minimum mandate: €250,000. The sleeve is designed to be a small share of total wealth, so the floor implies a substantially larger portfolio behind it — this is deliberate, and it is the first thing worth checking before a conversation.
21squared is establishing its own licensed asset-management company in Liechtenstein (VVG · MiFID II · EEA passport). The mandate described on this page is in development and will be offered only upon FMA authorization. The minimum, the fee terms and all other commercial terms are the intended terms of that future mandate and may change before authorization. Nothing on this website constitutes an offer, a solicitation, or investment advice.
What's Inside
The mandate is organised by what each instrument does to Bitcoin's volatility — own it, harvest it, or amplify it. One asset, three deliberately different jobs.
Linear Bitcoin exposure through exchange-traded products — the core compounding position, sized up and down through the cycle but never zeroed. A small hard-asset sub-sleeve (gold, or combined BTC+gold ETPs) hedges the case where the debasement thesis is right but the flows go to gold — and doubles as a regime signal.
Bitcoin digital-credit instruments — preferred issues such as STRC (~12%) and SATA (~13% coupon) and covered-call income ETFs — the income engine and the dry powder that pays you to wait between allocations. Sized for income, never counted as protection: these instruments correlate with Bitcoin exactly when it hurts.
Select Bitcoin treasury-company equities — leveraged, convex exposure that can deliver more than one Bitcoin's worth of movement per unit of capital. The asymmetry engine of the mandate: capped hardest, entered by rules, and cut first when the regime turns.
Self-custody, properly taught. We help clients buy spot Bitcoin, move it to cold storage, and learn genuine self-custody — delivered as education, with execution and custody through a licensed partner. Spot Bitcoin is a crypto-asset, not a securities-mandate instrument, so this is deliberately a separate service line outside the discretionary mandate.
The Evidence
You don't have to take our word on sizing. The world's largest asset managers have published the math on what a small Bitcoin allocation does to a portfolio.
A 1–4% allocation is now mainstream institutional consensus, and the range is widening: BBVA's private bank publishes 3–7%, the highest of any major institution and the first European name in that cluster. Our own ten-year test of the arithmetic they are all circling: adding a 3% bitcoin sleeve to a 60/40 portfolio lifted the annual return from 9.6% to 12.7%, while the worst drawdown deepened by under two points. At 10% the ten-year outcome more than doubles — for six points of additional drawdown. The 21squared mandate is designed to run this sleeve at conviction size, with discipline.
Aligned Incentives
The mandate's economics are being designed around one idea: we should only win when you win — by a wide margin.
1.2% p.a. management fee, plus a 20% performance fee that applies only above a hard 10% annual hurdle, with a high-water mark. Below that bar, the upside is yours — we don't get paid extra for returns you could have earned passively. These are the intended mandate terms; total cost of ownership will also include custodian and underlying product costs, and final terms will be set out in the mandate agreement upon authorization.
We are never paid twice for the same gains — and never for merely recovering a drawdown. Losses must be earned back in full before any performance compensation resumes.
No in-house products, no retrocessions, no order-flow deals — and no umbrella to share economics with. 21squared is building its own FMA-licensed asset-management company in Liechtenstein, with client assets held at established custodian banks — in your own name.
We don't do everything. We do Bitcoin — market structure, on-chain analytics, digital credit, macro liquidity — at a depth generalists can't reach. Specialization is the edge.
Network Pulse
Every 10 minutes, a new block is mined. The protocol runs on schedule — with or without permission.
Who we are
21squared is an independent, Bitcoin-native practice built around a single conviction: Bitcoin is the most significant monetary development of our era.
We help individuals and families think clearly about long-term wealth preservation — without the noise, without the conflicts of interest, and without the hype.
The hardest monetary cap in human history. Unlike gold, real estate or equities, the supply is mathematically fixed forever. Scarcity by protocol, not by promise.
Self-custody turns Bitcoin from a financial product into genuine ownership. Hold your own keys and no institution, government or bank can freeze, seize or inflate your wealth.
No central authority, and no blind trust required. Every transaction, every block, every rule is checkable by anyone running a node. That is what trustless actually means.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
The hardest money ever created is available to anyone with an internet connection. The question isn't whether Bitcoin matters — it's whether you're ready to understand why.
Start the conversationThis website is for informational purposes only and does not constitute financial or investment advice.
How It Works
A direct, no-obligation discussion of your situation, your allocation, and your questions. Handled personally — no forms, no funnels.
Suitability, sizing, and sleeve architecture. The mandate is designed around your portfolio — not sold from a shelf.
Upon FMA authorization: the mandate is signed directly with 21squared's own licensed Liechtenstein entity, with assets custodied at established banks in your own name.
Disciplined execution, transparent reporting, ongoing education. Measured over years — not quarters.
Get in touch
Have a question or want to start a conversation? Reach out directly — no forms, no bots.
All enquiries are handled personally.
Expect a response within 1–2 business days.
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